Here’s a 2-flag filter that will save you from 90% of bad investments. 🚩 Red Flag No. 1: Too obvious, too easy 100+ competitors. If you can Google up 100 companies doing a similar thing then it’s too easy to build. Someone will do it cheaper and it’s a race to the bottom. 🚩 Red Flag No. 2: Regulations I've watched the SEC kill startups because they "might someday look like an exchange." When regulators try to solve problems that don't exist yet, innovation dies. Entrepreneurs should have more freedom in the sandbox and regulators can always step in later, when there’s an actual reason to step in.